FEATURED COMPANIES

Abstract(Editor's note: In the research update published on Feb. 1, 2005, we neglected to state that the local currency counterparty credit rating had been affirmed, along with the financial strength rating. A corrected version follows.) On Feb. 1, 2005, Standard & Poor's Ratings Services affirmed its long-term local currency counterparty credit and financial strength ratings on Kot Insurance Co. AG. The ratings are based on a guarantee issued by Petroleos Mexicanos (PEMEX; local currency A-/Stable/–-; foreign currency BBB-/Stable/–-), the controlling company, a decentralized entity from the United Mexican States government. Kot is a captive reinsurance company owned by PEMEX and is located in Switzerland. Kot directly writes almost all of PEMEX's insurance protection, as the reinsurer does not assume risks...

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